SIG arranges loan to build 29 MWp of solar in Poland

European renewable energy company Sun Investment Group (SIG) has secured EUR 16 million (USD 17.8m) for the construction of a portfolio of merchant solar projects across Poland with a combined capacity of 29 MWp.

The portfolio comprises 25 projects, each equipped with fixed and tracker systems. The sites range from 1 MWp to 4 MWp and are expected to be finalised by the end of 2024.

Once switched on, the plants will initially operate on a fully merchant basis but SIG has retained an option to market the output through a power purchase agreement (PPA) in the future.

The financing comes in the form of a construction bridge facility provided by an international debt fund, SIG’s exclusive financial adviser Capcora announced in a statement on Wednesday.

Launched in 2017, SIG has so far developed, built, and sold more than 200 MW of solar power plants in the UK, Poland and Lithuania. It has a portfolio of more than 3 GW, of which nearly 300 MW is at a ready-to-build (RTB) stage.

In Poland alone, the company is set to start the construction of over 60 MW of solar power plants which it intends to sell to third parties. Earlier this year, it secured a debt facility to support a 1,970-MWp pipeline of mid- to late-development phase solar projects in the country.

(EUR 1 = USD 1.116)

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